Juice Bar (Sole Prop) San Diego, CA. Does 100K-125K, looking for term loan

**BigIz** · 04-21-2016, 08:27 PM

I already have an offer for $121K on an advance BUT the guy is refusing to take an advance.

Situation: This is a sole prop with husband and wife but they only show the wife on their juicing business, in their taxes because he is also a real estate broker. His credit score 653 her score 550. In business 5.7 years, not sure if it matters but ADB $5,357 no NSFs. They are both on the business license and on the lease. No outstanding loans. Needs the money to buy an additional business he just got an opportunity to purchase.

My issues: The reason I did not originally put him in a term loan is because Term Lenders do not like Sole props (tried with FC already). Also, they only want to use her credit because of their tax reporting. They both file "married filing jointly".

**SydCapital** · 04-21-2016, 11:07 PM

We would be interested in taking a look at this file. What is the additional business they are purchasing? Feel free to PM or email to discuss further.

Regards,

Syd Capital
info@sydcapital.com

**Zach** · 04-22-2016, 12:19 AM

They are going to have to accept a cash advance IMO

**Jason Sterling** · 04-22-2016, 10:17 AM

^What he said. If they have strong CC volume I'd be happy to provide a quote.

**WhoisKingsley** · 04-22-2016, 04:54 PM

Originally Posted by BigIz

I already have an offer for $121K on an advance BUT the guy is refusing to take an advance.

Situation: This is a sole prop with husband and wife but they only show the wife on their juicing business, in their taxes because he is also a real estate broker. His credit score 653 her score 550. In business 5.7 years, not sure if it matters but ADB $5,357 no NSFs. They are both on the business license and on the lease. No outstanding loans. Needs the money to buy an additional business he just got an opportunity to purchase.

My issues: The reason I did not originally put him in a term loan is because Term Lenders do not like Sole props (tried with FC already). Also, they only want to use her credit because of their tax reporting. They both file "married filing jointly".

I'm sure they have great online presence and ordering. Email me and we'll chat to qualify this deal to the right Funding Company.

**LoanMe** · 04-22-2016, 06:42 PM

BigIz, LoanMe can also take a look at this file. Sole props are not a problem for LoanMe and we are a term loan lender.

**StackMan** · 04-22-2016, 11:08 PM

How much you want for that lead?

**brokerCompany** · 04-23-2016, 02:33 PM

Loanme I think you lost some broker business since you don't pay unlicensed referrals, not sure if it hurts you guys or not..

**golf2014** · 04-24-2016, 12:54 AM

Her credit hurts this greatly.

**IKorie** · 04-25-2016, 09:58 AM

You can get a high risk term loan....there credit disqualifies them for anything else.

**LoanMe** · 04-25-2016, 01:42 PM

Originally Posted by brokerCompany

Loanme I think you lost some broker business since you don't pay unlicensed referrals, not sure if it hurts you guys or not..

Just to be clear due to California SB197 LoanMe is unable (by law) to pay an unlicensed broker for a CALIFORNIA file. All other commissions for files submitted for the other 30 states LoanMe lends in are being paid as normal.

The passing of the Senate Bill naturally has affected both parties, but what we are finding is partners that do have the license or those in the process of getting their license have submitted an increased amount of CA files. Not sure there has been too much fall out, more a shift in who we receive California files from.

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